DEL RUIDO

Anuncio
-(
7$
5
5
2
3
( ()
&726
()(&726
8374%830Ñ+-'37
74%830Ñ+-'3
%
%830Ñ+%830Ñ
30
0Ñ
0
Ñ+3$72/Ð*,&26
*,&26
69-(3'(/58,'2
(/
(/58,'2
58,'2
58,'2
'(/
'(/58,'2
H
$XWRUHV&DUORV&HQMRU(VSDxRO
-HIHVHUYLFLR25/)XQGDFLyQ-LPpQH]'tD]
\-RVH0LJXHO9LOODFDPSD$XED
0pGLFRDGMXQWRVHUYLFLR25/)-'
QODQDWXUDOH]DHVGLItFLOHQFRQWUDUIXHQWHV
GH SURGXFFLyQ GH HQHUJtD VRQRUD FDSDFHV GH LQFLGLU
GH PDQHUD OHVLYD HQ ORV VHUHV YLYRV VLHQGR pVWDV OL
PLWDGDV HQ HO WLHPSR \ HQ HO HVSDFLR VL VRQ HOHYDGDV
HQ OD LQWHQVLGDG WUXHQR FDWDUDWDV«<D HQ OD (GDG
GH ORV 0HWDOHV VH HPSH]y D UHFRQRFHU HO WUDEDMR GH
ORV KHUUHURV FRPR IDFWRU SURGXFWRU GH VRUGHUD VLHQ
GR OD VRUGHUD GH pVWRV XQD GH ODV SULPHUDV VRUGHUDV
SURIHVLRQDOHV FRQRFLGD 3RFR GHVSXpV HQ 6LEDULV
&DODEULDHQHODxR$&DSDUHFHODSULPHUDOHJLV
ODFLyQ SURWROHJLVODFLyQ FRQRFLGD SDUD OD UHJXODFLyQ
GHOUXLGRHQODTXHVHSURKtEHDORVKHUUHURVWUDEDMDU
DPDUWLOOD]RVGHQWURGHORVOtPLWHVGHODXUEH3URJUHVL
YDPHQWHDSDUHFHUiQORVJUDQGHVFDXVDQWHVGHODSDWR
ORJtDDF~VWLFDDFWXDOTXHVHUiODSyOYRUDOD5HYROXFLyQ
,QGXVWULDOFRQODDSDULFLyQGHODVJUDQGHVPDTXLQDULDV
\ HO WUDQVSRUWH PRWRUL]DGR \ OD XWLOL]DFLyQ O~GLFD GHO
VRQLGRVLHQGRIUHFXHQWHHQFRQWUDUQLYHOHVVRQRURVGH
PiVGHG%HQODVGLVFRWHFDVDFWXDOHV
8QD GH ODV FDXVDV PiV IUHFXHQWHV GH SpUGLGD GH
DXGLFLyQ HV OD H[SRVLFLyQ VLQ OD SURWHFFLyQ GHELGD D
UXLGRV GHPDVLDGR DOWRV 0LOORQHV GH SHUVRQDV VXIUHQ
DPELHQWD
2FWXEUH
HVWH WLSR GH VRUGHUD FDXViQGROHV WDQWR DLVODPLHQWR
VRFLDO \ DF~IHQRV GH GLItFLO WUDWDPLHQWR FRPR OD GL
ILFXOWDG FRQVDELGD GH FRPXQLFDFLyQ FRQ VX HQWRUQR
VRFLDO PiV FHUFDQR /D SpUGLGD GH DXGLFLyQ LQGXFLGD
SRU HO UXLGR HQ HO OXJDU GH WUDEDMR HV OD VHJXQGD HQ
IHUPHGDGODERUDOPiVIUHFXHQWH$ODHGDGGHDxRV
HOFDUSLQWHURSURPHGLRWLHQHODPLVPDDXGLFLyQGHXQD
SHUVRQDGHDxRVGHHGDGTXHQRWUDEDMDFHUFDGH
UXLGRV GDxLQRV /D 2UJDQL]DFLyQ 0XQGLDO GH OD 6DOXG
206DILUPDTXHHOGHODSREODFLyQTXHYLYHHQ
ORVJUDQGHVFHQWURVXUEDQRVVXIUHXQLPSDFWRDF~VWLFR
PX\VXSHULRUDOUHFRPHQGDEOH6HJ~QODVHVWDGtVWLFDV
\GHVSXpVGH-DSyQ(VSDxDSRUHMHPSORHVXQRGH
ORVSDtVHVPiVUXLGRVRVGHOPXQGR\0DGULGODFLXGDG
PiVVRQRSROXFLRQDGDGH(XURSD6HHVWLPDQLQPHQ
VRV ORV FRVWHV HQ FRPSHQVDFLRQHV HFRQyPLFDV \ MX
ELODFLRQHVDQWLFLSDGDVDFDXVDGHOUXLGR3RUHMHPSOR
ODDGPLQLVWUDFLyQGHORVYHWHUDQRVGHORV((88JDVWD
PLOORQHV GH GyODUHV FDGD DxR HQ WUDWDPLHQWRV \
FRPSHQVDFLRQHV SDUD HVWH WLSR GH DIHFWDFLyQ VLHQGR
pVWD SDWRORJtD OD TXH PiV GLQHUR JDVWD SRU Vt VROD HQ
HVWDDGPLQLVWUDFLyQ
()(&726
)(&726
()(&726
()(&726
2
3$72/Ð*,&
3$72/Ð*,&2
$72/Ð*,&2
'(/ 58,'2
/RV WUDVWRUQRV SURGXFLGRV SRU HO VRQLGR HQ HO VHU
KXPDQR VH GLYLGHQ HQ GRV WLSRV ODV OHVLRQHV RWROyJL
FDVVRUGHUDDF~IHQRV\ODVQRRWROyJLFDV,QVRPQLR
DJUHVLYLGDGGLVIRQtD+7$«
$XQTXHHOUXLGR\VXVHIHFWRVKDQVLGRHVWXGLDGRV
GHVGHKDFHFLHQWRVGHDxRVQRKDVLGRKDVWDOD~OWLPD
GpFDGDFXDQGRVHKDQSRGLGRH[SOLFDUPXFKDVGHODV
UHDFFLRQHVGHQXHVWURRtGRDQWHORVVRQLGRVHOHYDGRV
(VWHFRQRFLPLHQWRQRVHVWiOOHYDQGRDSRGHUGHWHFWDU
GH IRUPD SUHFR] OD OHVLyQ \ D SRGHU WUDWDUOD DQWHV \
PHMRU
()0
'(),1,&,21(6
<&21&(3726
/DVFXDOLGDGHVGHOVRQLGRVRQODLQWHQVLGDGJUDGR
GHHQHUJtDGHODRQGDHOWRQRGDGRSRUODIUHFXHQFLD
HQODTXHYLEUD\HOWLPEUHUHODFLRQDGRFRQORVDUPy
QLFRV TXH HQ XQ VRQLGR FRPSOHMR VXHOHQ DFRPSDxDU
DODIUHFXHQFLDIXQGDPHQWDO\TXHYLHQHDVHUHOPRGR
SURSLR\FDUDFWHUtVWLFRGHVRQDU$HIHFWRVSUiFWLFRVVH
WHQGUiQHQFXHQWD
³VXSXUH]DXQVRQLGRSXURHVPiVSHOLJURVRSD
UDHORtGR
³VXGXUDFLyQHOHIHFWRDGYHUVRGHOUXLGRHVGLUHF
WDPHQWHSURSRUFLRQDODODGXUDFLyQGHODH[SRVLFLyQ
,QWHQVLGDG *UDGR GH HQHUJtD GH OD RQGD VRQRUD
6H PLGH HQ HUJLRV SRU VHJXQGR D WUDYpV GH XQ FHQWt
PHWURFXDGUDGRQRUPDODODGLUHFFLyQGHSURSDJDFLyQ
WDPELpQHQ:PRLQFOXVRHQSDVFDOHV3D
6L OD FXDQWLILFDFLyQ GH OD SUHVLyQ DF~VWLFD OD KL
FLpVHPRV HQ :P GHEHUtDPRV XVDU XQD HVFDOD TXH
UHFRUUHUtDGHVGHKDVWD\VLHVDHVFDODIXHVHHQ
SDVFDOHVUHFRUUHUtDRWUDGHGHXQLGDGHV
\SRUHOOR³GDGDVXSRFDRSHUDWLYLGDG³VHXWLOL]DFR
UULHQWHPHQWHHOGHFLEHOLR
3DUD SRGHU HVWDEOHFHU HO ULHVJR GH OHVLyQ DXGLWLYD
FRQ OD PD\RU SUHFLVLyQ SRVLEOH HV QHFHVDULR TXH HO
VRQyPHWURTXHUHJLVWUHHOUXLGRORKDJDGHXQDPDQHUD
VLPLODUDFRPRORKDFHHORtGRKXPDQR\SDUDHOORVH
SXHGHQXWLOL]DUILOWURVGLIHUHQWHVVLHQGRHOILOWURGHWLSR
©$ªHOTXHORJUDXQUHJLVWURFDVLLGpQWLFRDOTXHSHUFLEH
HO RtGR KXPDQR DWHQXDQGR GH IRUPD LPSRUWDQWH ORV
VRQLGRVGHIUHFXHQFLDVEDMDV+]UHVSHWDQGROD
IUHFXHQFLD GH +] DXPHQWDQGR DOJR HQWUH \+]\YROYLHQGRDDWHQXDUODVIUHFXHQFLDVDOWDV
!+]ODPHGLGDUHJLVWUDGDSRUORVVRQyPHWURV
HTXLSDGRVFRQHVHILOWURVHH[SUHVDHQG%$
(O VRQLGR RFDVLRQD GHWHULRUR DXGLWLYR FXDQGR VX
LQWHQVLGDGVXSHUDORVG%
)UHFXHQFLD 1~PHUR GH YLEUDFLRQHV TXH WLHQHQ OX
JDUHQXQVHJXQGR
1,9(/(6'(5,(6*2
G%$1'(G%$
\
13G%
G%$1'(G%$
\
13G%
1'(!G%$
\R
13!G%
(YDOXDFLyQ\DFFLyQ
PHGLRDPELHQWDO
DxRV
DxR
ĻUXLGR\R
ĻH[SRVLFLyQ
,QIRUPDFLyQ\
IRUPDFLyQ
6t
6t
6t
5HFRQRFLPLHQWR
PpGLFR
,QLFLDOĺPHVHV
DxRV
,QLFLDO ĺPHVHV
DxRV
,QLFLDOĺPHVHV
DxR
3URWHFFLyQSHUVRQDO
2SFLRQDOGHOWUDEDMDGRU
6XPLQLVWURREOLJDWRULR
8VRREOLJDWRULR
6HxDOL]DFLyQ
1R
1R
6t
3URJUDPDWpFQLFR
GHFRQWURO
1R
1R
6t
&2
26
DPELHQWD 2FWXEUH
-(
7$
5
5
(3
2
/DVIUHFXHQFLDVPiVGDxLQDVSDUDHORtGRVRQODVFRP
SUHQGLGDVHQWUH\+]V/RVXOWUDVRQLGRVPiV
GHN+]VVyORVRQSHOLJURVRVDPX\DOWDVLQWHQVLGDGHV
\ ORV LQIUDVRQLGRV PHQRV GH +]V QR FDXVDQ GDxR
DXGLWLYR
5LWPR $ LJXDO LQWHQVLGDG IUHFXHQFLD \ WLHPSR GH
H[SRVLFLyQVRQPiVGDxLQRVORVVRQLGRVLQWHUPLWHQWHV
RGLVFRQWtQXRVVLHPSUHTXHODSDXVDVHDEUHYH6LVH
UHDOL]DXQDSDXVDSURORQJDGDHQWUHFDGDUXLGRODWROH
UDQFLDDOUXLGRDXPHQWD
7LHPSR &XDQWR PiV WLHPSR GH H[SRVLFLyQ DO UXL
GRPiVOHVLyQSURGXFH
6XVFHSWLELOLGDG LQGLYLGXDO 'HVGH DQWLJXR VH
KD REVHUYDGR HPStULFDPHQWH OD GLIHUHQWH VXVFHS
WLELOLGDG GH YDULRV LQGLYLGXRV DO PLVPR UXLGR 5H
FLHQWHPHQWH VH KD LPSOLFDGR DOJXQRV JHQHV GH OD
ILVLRSDWRORJtD GH OD KLSRDFXVLD QHXURVHQVRULDO FRQ
ILULpQGROHVDVtPD\RUVXVFHSWLELOLGDGLQGLYLGXDODORV
VXMHWRVTXHORVSRVHDQ
2WURV IDFWRUHV /D VXPDFLyQ GH RWURV IDFWRUHV
HPSHRUD OD OHVLyQ SURGXFLGD SRU HO PLVPR VRQL
GR OD WRPD GH IiUPDFRV RWRWy[LFRV OD HGDG ODV
HQIHUPHGDGHV RWROyJLFDV SUHYLDV OD GLDEHWHV ODV
QHRSODVLDV ODV HQIHUPHGDGHV GHO VLVWHPD QHUYLR
VR«,QFOXVR VH KD OOHJDGR D UHODFLRQDU HQ WUDEDMRV
UHFLHQWHVODVXVFHSWLELOLGDGDOUXLGR\HOJUXSRVDQ
JXtQHR VLHQGR ORV SDFLHQWHV GHO JUXSR 2 ORV PiV
SURSHQVRVDSDGHFHUWUDQVWRUQRVSURYRFDGRVSRUHO
PLVPRUXLGR
),6,23$72/2*Ì$
8Q VRQLGR H[WUHPR SURGXFH XQD YLEUDFLyQ HQ OD
PHFiQLFD FRFOHDU GH H[FHVLYD DPSOLWXG TXH VREUH
SDVD ORV OtPLWHV HOiVWLFRV GH ODV HVWUXFWXUDV FRFOHDUHV
SURGXFLHQGR GH IRUPD LQPHGLDWD XQD OHVLyQ PtVWLFD
PHFiQLFDGLUHFWDFRQGHWHULRUR\PXHUWHWDQWRGH&&(
FRPR&&,$VXYH]GLYHUVRVDXWRUHVFRPR*UDYHQGH
HO\3ORPRKDQDWULEXLGRDORVUXLGRVQRH[WUHPRVHVWH
PHFDQLVPROHVLYRSRUDFXPXODFLyQGHSHTXHxRVWUDX
PDWLVPRV6DOYRHVWRVJUDQGHVWUDXPDVTXHSURYRFDQ
ODOHVLyQGHIRUPDLQPHGLDWDODPD\RUtDGHORVVRQLGRV
SURYRFDQVXOHVLyQXQDYH]WHUPLQDGRHOVRQLGR
8Q VRQLGR HOHYDGR SRU HQFLPD GHO XPEUDO OHVLRQDO
GHIRUPDGLVFUHWDSHURLQVLVWHQWHG%SURYRFDXQ
DXPHQWR HQ HO WUDEDMR PHWDEyOLFR FHOXODU RFDVLRQDQGR
XQD IDWLJD DXGLWLYD SRU DOWHUDFLRQHV PHWDEyOLFRHQ]LPi
WLFDVGHODTXHVyORVHUHFXSHUDUDQODVFpOXODVWUDVXQ
UHSRVR HQ DXVHQFLD GHO VRQLGR FDXVDQWH /D UHSHWLFLyQ
GH OD DJUHVLyQ FDXVD TXH DOJXQD FpOXOD QR UHVLVWD OD
VREUHFDUJDPHWDEyOLFD\PXHUDGHMDQGRDVtGHSHUFLELU
HO VRQLGR GH OD IUHFXHQFLD TXH OH FRUUHVSRQGtD SRU OD
WRQRWRSLDFRFOHDU
(OGDxRFHOXODUHVWiOLJDGRDOGDxRPLWRFRQGULDOHQ
ODVFpOXODVFRFOHDUHVDFWLYDQGRpVWHHOPHFDQLVPRGH
ODDSRSWRVLVFHOXODUHQODVFpOXODVGDxDGDV<DPDVKLWD
HW FRO HVWXGLy HO SDSHO GH ORV PHFDQLVPRV GH DSRS
WRVLVWUDVODPXHUWHFHOXODUWUDVUHFLELUG%63/D
N+]VGXUDQWHK\VHHQFRQWUyXQIUDQFDHOHYDFLyQGH
OD(QGRQXFOHDVD*$VtORV~OWLPRVHVWXGLRVUHODFLRQDQ
HO PHFDQLVPR R[LGDWLYR FRQ OD ILVLRSDWRORJtD GHO WUDX
DPELHQWD
2FWXEUH
PDDF~VWLFR7DPELpQVHKDYLVWRTXHHQORVSDFLHQWHV
VRPHWLGRVDXQWUDXPDDF~VWLFRODKRPRFLVWHtQDVpULFD
HVWiHOHYDGDORFXDOHOHYDHOQLYHOGHUDGLFDOHVOLEUHV
\OD9LWDPLQD%\HOiFLGRIyOLFRHVWiQGLVPLQXLGRV
&/Ì1,&$
/RVHIHFWRVGHOUXLGRFRPR\DKHPRVFRPHQWUDGR
DQWHULRUPHQWH VH SXHGHQ GLYLGLU HQ GRV WLSRV ODV OH
VLRQHV RWROyJLFDV R DXGLWLYDV \ ODV QR RWROyJLFDV R
QRDXGLWLYDV
/(6,21(6$8',7,9$6
'HPHQRUDPD\RULPSRUWDQFLDVHUtDQ
‡ (QPDVFDUDPLHQWR GH OD DXGLFLyQ \ GLILFXOWDG GH
ODPLVPD
‡ )DWLJD DXGLWLYD HV HO GHVFHQVR WUDQVLWRULR GH OD
FDSDFLGDG DXGLWLYD HQ IRUPD GH KLSRDFXVLD SHUFHS
WLYD WUDQVLWRULD FRQ VHQVDFLyQ GH WDSRQDPLHQWR yWLFR
JHQHUDOPHQWH ELODWHUDO 1R KD\ OHVLyQ \ VH UHFXSHUD
OD FDSDFLGDG FRQ HO GHVFDQVR VRQRUR HQ KRUDV
GHSHQGLHQGR GH OD LQWHQVLGDG \ GXUDFLyQ GH OD H[SR
VLFLyQ6HPLGHDORVGRVPLQXWRV\ODPD\RUSDUWHVH
UHFXSHUDHQODVGRVSULPHUDVKRUDV\DTXHVLJXHXQD
SURSRUFLyQORJDUtWPLFDFRQUHODFLyQDOWLHPSR
‡+LSRDFXVLDSHUPDQHQWHSHUFHSWLYDUHTXLHUHXQDH[
SRVLFLyQDUXLGRHOHYDGDHQLQWHQVLGDGVRQRUD\WLHPSR
RXQDIDWLJDSURORQJDGDTXHQRSHUPLWHODUHFXSHUDFLyQ
&RPLHQ]D D HVWDEOHFHUVH HQ IUHFXHQFLDV GH \
+]HVWDVIUHFXHQFLDVQRVRQFRQYHUVDFLRQDOHVSRU
ORTXHQRLQWHUILHUHQODYLGDVRFLDOGHOVXMHWR
6L OD H[SRVLFLyQ FRQWLQ~D OD SpUGLGD VH H[
WLHQGH D IUHFXHQFLDV PiV HOHYDGDV \ SRVWHULRU
PHQWH D PiV EDMDV LQFOXVR FRQYHUVDFLRQDOHV
(YROXFLyQWtSLFDDXGLRPpWULFD
 IDVH SpUGLGD GH KDVWD G% HQ OD ]RQD GH
+]5HFXSHUDEOHDOFHVDUODH[SRVLFLyQVLHPSUH
VH YDORUDQ ODV SpUGLGDV FRQ UHODFLyQ D OD DXGLRPHWUtD
EDVH
IDVHSpUGLGDGHG%HQOD]RQDGH
+] SULQFLSDOPHQWH SHUR SXHGH DIHFWDU D ODV IUHFXHQ
FLDV YHFLQDV \ +] UHFXSHUD OD FDtGD HQ
OD IUHFXHQFLD +] HV OR TXH OODPDPRV HVFRWRPD
WUDXPiWLFR WLSR OD FDSDFLGDG FRQYHUVDFLRQDO TXHGD
LQWDFWD
&OiVLFDPHQWH HO WUDXPD DF~VWLFR VH GLIHUHQFLD HQ
GRVIRUPDVFDXVDQWHV
IDVHGLVPLQX\HG%HQODVIUHFXHQFLDV
y+](OHVFRWRPDVHSURIXQGL]D\VHWUDQVIRUPD
HQFXEHWDWUDXPiWLFD3UHVHQWDGLILFXOWDGHVSDUDHVFX
FKDUUHORMHV\WLPEUHV
 IDVH SpUGLGD TXH DIHFWD D IUHFXHQFLDV FRQYHU
VDFLRQDOHV VRUGHUD VRFLDO 6H HYLGHQFLD XQD IDOWD GH
UHFXSHUDFLyQHQODIUHFXHQFLDVXSHULRU\DIHFWDFLyQGH
IUHFXHQFLDV JUDYHV HO JUiILFR DXGLRPpWULFR VH SDUHFH
PiVDXQDUHFWDGHVFHQGHQWH
7UDXPD DF~VWLFR DJXGR VH GD SULQFLSDOPHQWH
HQ ORV WUDEDMDGRUHV GH DOJXQDV SURIHVLRQHV FRQFUHWDV
FXDQGRQRVHSURWHJHHORtGRFDQWHURVPLOLWDUHVGLV
FRWHFDV«RHQVLWXDFLRQHVDFLGHQWDOHVH[SORVLRQHV
$SDUHFHQ GH IRUPD LQPHGLDWD DF~IHQRV H KLSRDFXVLD
QHXURVHQVRULDO TXH VXHOHQ GLVPLQXLU WUDQVFXUULGR XQ
WLHPSR SHUR TXH SXHGHQ SHUPDQHFHU (Q VXMHWRV FRQ
SDWRORJtD yWLFD SUHYLD R LQFOXVR HQ VXMHWRV VLQ SDWR
ORJtD SUHYLD SXHGH DSDUHFHU IHQyPHQR GH 7XOOLR FRQ
VtQWRPDV YHVWLEXODUHV DFRPSDxDQWHV 6L OD VR
EUHHVWLPXODFLyQ DF~VWLFD VH DFRPSDxD GH DXPHQWR
GH SUHVLyQ EDURWUDXPD SRU HMHPSOR GXUDQWH XQD
H[SORVLyQ VH SXHGH SURGXFLU XQD DIHFWDFLyQ GHO RtGR
PHGLR WDPELpQ SHUIRUDFLyQ WLPSiQLFD GLVUXSFLyQ GH
FDGHQDHWF«
7UDXPD DF~VWLFR FUyQLFR VH GD SULQFLSDOPHQWH
FRPR HQIHUPHGDG ODERUDO HQ LQGLYLGXRV TXH WUDEDMDQ
EDMR XQ QLYHO FRQVWDQWH VXSHULRU D G% LQGXVWULD
DHURQiXWLFD RSHUDGRUHV GH PDTXLQDULD SHVDGD PH
WDO~UJLFRV (Q HVWH WLSR GH DIHFWDFLyQ GH GD WDPELpQ
FRQPXFKDIUHFXHQFLDODFRQFXUUHQFLDGHORVVtQWRPDV
DXGLWLYRV\GHORVQRDXGLWLYRVTXHYHUHPRVPiVDGH
ODQWH/RVVtQWRPDVDXGLWLYRVVRQSULQFLSDOPHQWHVHQ
VDFLyQ GH WDSRQDPLHQWR yWLFR FRQ DF~IHQRV DFRPSD
xDQWHV TXH DO SULQFLSLR GH UHVXHOYHQ FRQ HO GHVFDQVR
DF~VWLFR SHUR FRQ HO WLHPSR SHUPDQHFHQ /D SpUGLGD
HV SHUFHSWLYD ELODWHUDO \ SURJUHVLYD JHQHUDOPHQWH VL
PpWULFD
(Q OD GHWHFFLyQ SUHFR] HVWi MXJDQGR XQ LP
SRUWDQWH SDSHO ORV GHVFXEULPLHQWRV HQ HO iUHD GH
ORV SURGXFWRV GH GLVWRUVLyQ \ HQ ODV RWRHPLVLRQHV
DF~VWLFDV TXH SDUHFHQ GHVDSDUHFHU GH IRUPD PiV
SUHFR] TXH OD DOWHUDFLyQ HQ OD DXGLRPHWUtD DXQTXH
SHUVLVWH HO SUREOHPD GH OD IDOWD GH HVSHFLILFLGDG GH
GLFKDVSUXHEDV
74%830Ñ+-'37()0690Ñ
0
374%830Ñ+-'37
DPELHQWD 2FWXEUH
-(
7$
5
5
(3
2
(OWUDWDPLHQWRGHODVOHVLRQHVDXGLWLYDVSURGXFLGDV
SRUHOUXLGRQRKDGHPRVWUDGRVHUHILFD]VDOYRHOSURIL
OiFWLFReVWHFRQVLVWHHQXQDVHULHGHPHGLGDVOHJLVOD
GDVHQHO5HDO'HFUHWRTXHVHUHVXPHHQOD
VLJXLHQWH WDEOD FRQ OD QHFHVLGDG GH XQD DXGLRPHWUtD
SHULyGLFD XQD VHxDOL]DFLyQ GH ODV ]RQDV DF~VWLFDV
XQDHYDOXDFLyQGHOGDxRPHGLRDPELHQWDOXQUHFRQRFL
PLHQWRPpGLFRFRPSOHWR\SURWHFFLyQGHOWUDEDMDGRU
(O5'HQVXDUWtFXORDSDUWDGRSUH
FLVDTXH©ORVGDWRVUHVXOWDQWHVGHODVYDORUDFLRQHVGHO
HVWDGR GH VDOXG GH ORV WUDEDMDGRUHV VyOR VH SRGUiQ
XWLOL]DUFRPREDVHRULHQWDWLYDSDUDPHMRUDUHODPELHQWH
GHWUDEDMRª
/RV FRQWUROHV DXGLRPpWULFRV GHEHQ VHU FRQVLGHUD
GRV SRU ORV HVWDPHQWRV GH OD HPSUHVD LPSOLFDGRV HQ
OD SUHYHQFLyQ FRPR XQ LQVWUXPHQWR FRPSOHPHQWDULR
GHO FRQWURO WpFQLFR \ DPELHQWDO GHO UXLGR \ FX\R ILQ
~OWLPR HQ OD SUHYHQFLyQ GH OD +LSRDFXVLD 3URIHVLRQDO
HVHOGHSURYRFDUODDGRSFLyQGHPHGLGDVHVSHFtILFDV
GH WLSR WpFQLFRRUJDQL]DWLYDV WHQGHQWHV D GLVPLQXLU HO
UXLGRHQVXRULJHQ
/RV GDWRV UHVXOWDQWHV GH OD PRQLWRUL]DFLyQ DX
GLRPpWULFDTXHVHKDJDVLJXLHQGRHVWRVSURWRFRORV
SXHGHQ\GHEHQXWLOL]DUVHSDUDHYDOXDUODQRFLYLGDG
GHOUXLGRHQXQFHQWURGHWUDEDMRHQXQVHFWRUSUR
GXFWLYR\VREUHWRGRSDUDHYDOXDUODHIHFWLYLGDGGH
ODV PHGLGDV GH SUHYHQFLyQ TXH VH HVWpQ WRPDQGR
3DUD HOOR VH GHEH PDQWHQHU XQD KRMD GH UHJLVWUR
GH GDWRV SDUD FDGD WUDEDMDGRU 1XPHURVDV SDWR
ORJtDV SXHGHQ SUHVHQWDU VLPLODUHV KDOOD]JRV HQ OD
DXGLRPHWUtD GH WRQRV SXURV YLURVLV RWRWR[LFLGDG
KLSRDFXVLD QHXURVHQVRULDO KHUHGLWDULD \ GH FDXVD
GHVFRQRFLGD WUDXPDWLVPR FUiQHRHQFHIiOLFR HWF
SRU OR TXH HO GLDJQyVWLFR FOtQLFR SXHGH VHU GLItFLO \
VH DSR\D HQ ORV DQWHFHGHQWHV GH H[SRVLFLyQ ©QR
JR GH PXFKRV FDVRV LQGHPQL]DGRV FRPR 6RUGHUD
3URIHVLRQDO
8Q DGHFXDGR GLVHxR GHVGH HO SXQWR GH YLVWD
HSLGHPLROyJLFR GHO FRQWURO DXGLRPpWULFR HQ HO PH
GLR ODERUDO SHUPLWLUi DFXPXODU GDWRV PX\ YDOLRVRV
SDUD HVWDEOHFHU OD LPSRUWDQFLD GH RWUDV SDWRORJtDV
GLVWLQWDVVXVLQWHUDFFLRQHVFRQORVHIHFWRVGHOUXLGR
\ODYHUGDGHUDLQFLGHQFLDGHOD+LSRDFXVLD3URIHVLR
QDO HQ OD SREODFLyQ JHQHUDO GH OD FXDO QR WHQHPRV
QLQJ~QGDWR(VWDQHFHVLGDGHVPiVXUJHQWHVLWHQH
PRV HQ FXHQWD TXH HO GHVDUUROOR PiV DYDQ]DGR GH
OD +LJLHQH ,QGXVWULDO HQ QXHVWUR SDtV KD DFXPXODGR
XQDJUDQFDQWLGDGGHLQIRUPDFLyQHQORTXHUHVSHF
WD D H[SRVLFLyQ D QLYHOHV \ WLSRV GH UXLGR TXH FRQ
WUDVWDGDFRQGDWRV©PpGLFRVªSXHGHGDUUHVXOWDGRV
PX\LQWHUHVDQWHV
/(6,21(612$8',7,9$6
(OUXLGRHVXQRGHORVSRFRVHVWtPXORVTXHGHVGH
HO QDFLPLHQWR SURYRFD UHIOHMR GH GHIHQVD QR HV XQ
PLHGR DSUHQGLGR \ SDUHFH TXH SRU VX SUHVHQFLD VH
YDQ D SURGXFLU HIHFWRV SVLFROyJLFRV TXH VH DFRPSD
xDQQRUPDOPHQWHGHVtQWRPDVItVLFRVFRPR
‡'LILFXOWDGGHFRPXQLFDFLyQ
‡3HUWXUEDFLyQGHOUHSRVR\GHVFDQVR
‡$OWHUDFLRQHVGHOVXHxRQRFWXUQR
‡'LVPLQXFLyQGHODFDSDFLGDGGHFRQFHQWUDFLyQ
‡0DOHVWDUDQVLHGDGHVWUpV
(VWRVHIHFWRVYDQDDOWHUDUODYLGDVRFLDOGHODSHU
VRQD \ YLVWR GHVGH XQD SHUVSHFWLYD JOREDO GHO PRGR
GH HQIHUPDU SXHGHQ PRGLILFDU VXV UHODFLRQHV FRQ HO
HQWRUQR/DUHODFLyQHQWUHODLQWHQVLGDGGHOVRQLGR\OD
VHQVDFLyQVXEMHWLYDGHPROHVWLDVHH[SUHVDHQODWDEOD
DFRQWLQXDFLyQ
,QWHQVLGDGGHOUXLGRHQG%\YDORUDFLyQVXEMHWLYDGHVXSHUFHSFLyQ
1LYHOGHG%
9DORUDFLyQVXEMHWLYD
±
'pELO
0RGHUDGR
)XHUWH
0X\IXHUWH
(QVRUGHFHGRU
8PEUDOGHVHQVDFLyQGHGRORURVD
FLYDª DO UXLGR /DV GLILFXOWDGHV VHUiQ PD\RUHV FRQ
DXGLRJUDPDV VXJHVWLYRV GH HVWDGLRV LQLFLDOHV GH
+LSRDFXVLD 3URIHVLRQDO HQ VXMHWRV FX\D H[SRVLFLyQ
RVFLOD DOUHGHGRU GH ORV G%$ R HV GLItFLO GH SUH
FLVDU SRU PRYLOLGDG GHO SHUVRQDO R SRU WUDWDUVH GH
UXLGRV QR HVWDEOHV 'H KHFKR HV PX\ SUREDEOH
TXHpVWDVSDWRORJtDVVHDQUHVSRQVDEOHVGHXQDVR
EUHVWLPDFLyQ GH ORV HIHFWRV GHO UXLGR \ GHVGH OXH
DPELHQWD
2FWXEUH
,17(5)(5(1&,$(1/$&2081,&$&,Ð1
)*)'837
)*)'83
4%830Ñ+
(O SURFHVR GH FRPXQLFDFLyQ YHUEDO GHSHQGH GH
SDUiPHWURVItVLFRVFRPRVRQ
‡ HO QLYHO GH SUHVLyQ VRQRUD GLVWULEXFLyQ GH IUH
FXHQFLDV\WLHPSR
‡ODVFRQGLFLRQHVGHOORFDO
‡ OD GLVWDQFLD HQWUH ORFXWRU \ R\HQWH DVt FRPR OD
H[LVWHQFLDGHFRQWDFWRYLVXDOHQWUHHOORV
‡ODXWLOL]DFLyQRQRGHSURWHFFLyQDXGLWLYD
$VLPLVPR LQIOXLUiQ XQD VHULH GH SDUiPHWURV SHU
VRQDOHV
‡(OHVWDGRDXGLWLYRGHOR\HQWH
‡/DH[LVWHQFLDGHVHxDOHVYHUEDOHVHIHFWLYDVFODUL
GDGGHDUWLFXODFLyQHVIXHU]RYRFDO
‡(OFRQRFLPLHQWR\IDPLOLDULGDGFRQHOPHQVDMH
‡ /DV PRWLYDFLRQHV GH ORV VXMHWRV H[SHFWDWLYDV
IDWLJDHVWUpV
/D H[LVWHQFLD GH XQ QLYHO GH UXLGR IRQGR VRQRUR
SXHGHGLILFXOWDUODFRPSUHQVLyQGHOPHQVDMHYHUEDOFRQ
ODLPSRUWDQFLDTXHHVWRSXHGHWHQHUWDQWRSDUDODSURSLD
VHJXULGDGFRPRSDUDHOSURFHVRSURGXFWLYR2WURGHORV
DVSHFWRVGHORVHIHFWRVGHOUXLGRVREUHODVHJXULGDGHV
OD UHDFFLyQ QDWXUDO GH ODV SHUVRQDV DQWH XQ UXLGR LQHV
SHUDGRPRYLPLHQWRVEUXVFRV\GLVWUDFFLRQHV
5XLGRFRQWLQXRRLQWHUPLWHQWH
5HSHWLFLyQGHUXLGRVGHHOHYDGRQLYHO
5XLGRVGHIUHFXHQFLDVPD\RUHVD+]
)*)'8374%830
)*)'8
69-(3
$/7(5$&,21(6(1(/'(6$552//2'(7$5($6
(O UXLGR LQWHUILHUH HQ OD UHDOL]DFLyQ GH WDUHDV
SRU SDUWH GHO LQGLYLGXR WDQWR HQ VX MRUQDGD ODER
UDOFRPRHQHOWLHPSRGHRFLR$XQTXHQRVHKDQ
REWHQLGR FRQFOXVLRQHV VLJQLILFDWLYDV 6H SXHGH
VHxDODU TXH GLFKD LQIOXHQFLD GHSHQGHUi GH ORV VL
JXLHQWHVIDFWRUHV
³&DUDFWHUtVWLFDVGHOUXLGR
9DULDELOLGDGGHOQLYHOGHUXLGR\VXFRQWHQLGRHVSHFWUDO
³&DUDFWHUtVWLFDVGHODSHUVRQD
VHUiQPiVVXVFHSWLEOHVODVSHUVRQDOLGDGHV
FRQFDUDFWHUtVWLFDVDQVLRVDVHLUULWDEOHV
³&DUDFWHUtVWLFDVSURSLDVGHODWDUHD
'HPDQGDPHQWDOTXHH[LMD
'HPDQGDVHQVRPRWUL]
&RPSOHMLGDG
'HPDQGDDXGLWLYDRH[WUDDXGLWLYD
$/7(5$&,21(6(1Ð5*$126
',67,1726$/$$8',&,Ð1
(V GH WRGRV FRQRFLGR TXH OD H[SRVLFLyQ DO UXLGR WLH
QH HIHFWRV HQ yUJDQRV \ VLVWHPDV GLIHUHQWHV D ORV GH OD
DXGLFLyQ\DXQTXHQRHVWiQFXDQWLILFDGDVODVUHODFLRQHV
FDXVDHIHFWR SXHGHQ VHU FRQVLGHUDGRV FRPR RULJHQ GH
SUREOHPDVGHVDOXG
'LYHUVRV HVWXGLRV LQGLFDQ VX UHODFLyQ FRQ HO QLYHO \
ODGLVWULEXFLyQHVSHFWUDOGHOUXLGRDVtFRPRORVVLVWHPDV
FRQSRVLEOHDIHFWDFLyQSRUHOUXLGRHQODWDEOD
,9VHHQXPHUDQDOJXQRVGHORVVLVWHPDVTXHSXHGHQYHU
VHDIHFWDGRV\ORVHIHFWRVVXVFHSWLEOHVGHDSDUHFHUD
(IHFWRVGHOUXLGRDQLYHOVLVWpPLFR
6LVWHPDDIHFWDGR
(IHFWR
6LVWHPD1HUYLRVRV&HQWUDO
6LVWHPD1HUYLRVR$XWyQRPR
$SDUDWR&DUGLRYDVFXODU
+LSHUUHIOH[LD\$OWHUDFLRQHVHQHO((*
'LODWDFLyQSXSLODU
$OWHUDFLRQHVGHODIUHFXHQFLDFDUGtDFDH
KLSHUWHQVLyQDUWHULDODJXGD
$OWHUDFLRQHVGHODVHFUHFLyQ
JDVWURLQWHVWLQDO
$XPHQWRGHOFRUWLVRO\RWURVHIHFWRV
KRUPRQDOHV
$OWHUDFLRQHVGHOULWPR
$OWHUDFLRQHVPHQVWUXDOHVEDMRSHVRDO
QDFHUSUHPDWXULGDGULHVJRVDXGLWLYRVHQ
HOIHWR
(VWUHFKDPLHQWRGHOFDPSRYLVXDO\
SUREOHPDVGHDFRPRGDFLyQ
9pUWLJRV\1LVWDJPXV
$SDUDWR'LJHVWLYR
6LVWHPD(QGRFULQR
$SDUDWR5HVSLUDWRULR
$SDUDWR5HSURGXFWRU*HVWDFLyQ
77
+-'37()069-(3
ÏUJDQRGHOD9LVLyQ
$SDUDWR9HVWLEXODU
DPELHQWD 2FWXEUH
-(
7$
5
5
(3
2
)*)'8374%830Ñ+-'37()0
)*)'8
69-(3
%,%/,2*5$)Ì$5(&20(1'$'$
3iJLQD:HEGHO1DFLRQDO,QVWLWXWHRI'HDIQHVVDQG2WKHU
&RPXQXLFDWLRQV'LVRUGHUVKWWSZZZQLGFGQLKJRY
%UD\$6]\PDQVNL00LOOV51RLVHLQGXFHGKHDULQJORVV
LQGDQFHPXVLFGLVFMRFNH\VDQGDH[LPLQDWLRQRIVRXQGOHYHOV
LQQLJKWFOXEV-/DU\QJRO2WRO
6RPPD * 0DJULQL $ %HUJDPDVFKL $ 1RLVHLQGXFHG
KHDULQJORVVQHZSUHYHQWLYHDSSURDFKHV*,WDO0HG/DY(UJRQ
6XSSO
+DUGLQJ*:%RKQH%D1RLVHLQGXFHGKDLUFHOOORVVDQG
WRWDO H[SRVXUH HQHUJ\ DQDO\VLV RI D ODUJH GDWD VHW - $FRXVW
6RF$P
/DPP . 0LFKDHOLV & 'HLQJUXEHU . ,QQHU HDU GDPDJH
GXH WR OHLVXUH DQG EURDGEDQG QRLVH $Q H[SHULPHQWDO VWXG\
RQ LQLWLDO DQG SHUPDQHQW IXQFWLRQDO DQG PRUIRORJLFDO GDPDJH
+12
)RUWXQDWR * 0DUFLDQR ( =DUULOOL ) 3DUDR[RQDVH DQG VX
SHUR[LGR GLVPXWDVH JHQH SRO\PRUSKLVPV DQG QRLVHLQGXFHG
KHDULQJORVV&OLQ&KHP
3DOPHU .7 *ULIILQ 0- 6\GGDOO +( &RJJRQ ' &LJDUHWWH
VPRNLQJ RFFXSDFLRQDO H[SRVXUH WR QRLVH DQG VHOI UHSRUWHG
KHDULQJGLIILFXOWLHV2FFXS(QYLURQ0HG
*LO&DUFHGR/0(OUXLGR(Q)LVLRORJtDGHODDXGLFLyQ(O
UXLGR\ODP~VLFD/0*LO&DUFHGR(G6HYHU&XHVWD9DOODGR
OLG
%DUWRVLQVND0(MVPRQW-+HDOWKFRQGLWLRQRIHPSOR\HHV
H[SRVHGWRQRLVH([WUDDXGLWRU\KHDOWKHIIHFWV:LDG/HN
6XSSO
5RVHQKDOO 8 7KH LQIOXHQFH RI DJHLQJ RQ QRLVHLQGXFHG
KHDULQJORVV1RLVH+HDOWK
:DUG :' 'HWHULRUR DXGLWLYR LQGXFLGR SRU UXLGRV (Q
2WRORJtD3DSDUHOOD006KXPULFN'$(G0HG3DQDPHULFDQD
0DGULG
'RJUX + 7X] 0 8\JXU . &RUUHODWLRQ EHWZHHQ EORRG
JURXSDQGQRLVHLQGXFHGKHDULQJORVV$FWD2WRODU\QJRO
'HUHNR\)6.RNHQ7<LOPD]'.DKUDPDQ$$OWXQWDV$
(IIHFWVRIDVFRUELWDFLGRQR[LGDWLYHV\VWHPDQGWUDQVLHQWHYR
NHGRWRDFRXVWLFHPLVVLRQVLQUDEELWVH[SRQHGWRQRLVH/DU\Q
JRVFRSH
<DPDVKLWD ' -LDQJ +< 6FKDFKW - 0LOODU -0 'HOD\HG
SURGXFWLRQRIIUHHUDGLFDOVIROORZLQJQRLVHH[SRVXUH%UDLQ5HV
*DOH-(3LD]]D9&LXERWDUX&'0DPPDQR)$PHFKD
QLVPIRUVHQVLQJQRLVHGDPDJHLQWKHLQQHUHDU&XUU%LRO
5
0LQDPL6%<DPDVKLWD'6FKDFKW-0LOODU-0&DOFLQHXULQ
DFWLYDWLRQFRQWULEX\HVWRQRLVHLQGXFHGKHDULQJORVV-1HXURV
FL5HV
*RN 8 +DOLIOHRJOX , &DQDWDQ + &RPSDUDWLYH DQDO\VLV
RI VHUXP KRPRFLVWHLQH IROLF DFLG DQG YLWDPLQ % OHYHOV LQ
SDWLHQWV ZLWK QRLVH LQGXFHG KHDULQJ ORVV $XULV 1DVXV /DU\Q[
&UDQGHOO & 0LOOV 7/ *DXWKLHU 5 .QRZOHGJH EHKDYLRUV
DQGDWWLWXGHVDERXWKHDULQJORVVDQGKHDULQJSURWHFWLRQDPRQJ
UDFLDOHWKQLFDOO\GLYHUVH\RXQJDGXOWV-1DWO0HG$VVRF
+VX:&:DQJ-'+VX&-/HH6<<HK7+([SUHVVLRQRI
FRQQH[LQLQWKHODWHUDOZDOORIWKHUDWFRFKOHDDIWHUDFRXVWLF
WUDXPD$FWD2WRODU\QJRO
%HQLWR-,*LO&DUFHGR/00DUWLQ0&0RUDLV'8QQXHYR
VLVWHPDSDUDODLQGXFFLyQGHWUDXPDDF~VWLFRH[SHULPHQWDOPH
GLDQWH DSOLFDFLyQ GH UXLGR JUDEDGR $Q 25/ ,EHU$PHU 7VXSUXQ 9 6FKDUFKHUQ 3$ &XUHRJOX 6 3DSDUHOOD 0
6WUXFWXUHRIWKHVWHUHRFLOLDVLGHOLQNVDQGPRUSKRORJ\RIDXGL
WRU\KDLUEXQGOHLQUHODWLRQWRQRLVHH[SRVXUHLQWKHFKLQFKLOOD-
1HXURF\WRO
.DOWHQEDFK -$ 6FKPLGW 51 .DSODQ &5 7RQHLQGXFHG
VWHURFLOLDOHVLRQVDVDIXQFWLRQRQH[SRVXUHOHYHODQGGXUDWLRQ
LQWKHKDPVWHUFRFKOHD+HDU5HV
*LO&DUFHGR/0(OUXLGRXUEDQRFRPRIDFWRUSDWRJHQpWL
FR$FWD2WRUULQRODULQJRO(VS
*LO&DUFHGR /0 9DOOHMR /$ *LO&DUFHGR ( (Q IHUPHGD
DPELHQWD
2FWXEUH
GHV SURGXFLGGDV SRU HNO UXLGR (Q 2WRORJtD  HGLFLyQ *LO
&DUFHGR/09DOOHMR/$*LO&DUFHGR((G0HG3DQDPHULFDQD
0DGULG
&216(-2 ,17(57(55,725,$/ '(/ 6,67(0$ 1$&,2
1$/ '( 6$/8' ©3URWRFROR GH YLJLODQFLD VDQLWDULD HVSHFtILFD
SDUDORVDVWUDEDMDGRUHVDVH[SXHVWRVD5XLGRªGLFLHPEUHGH
&DVVDQGUR(&KLDUHOOD*&DWDODQD0&KDQJHVLQFOLQLFDO
DQGLQVWUXPHQWDOYHVWLEXODUSDUDPHWHUVIROORZLQJDFXWHH[SRVL
WLRQWRDXGLWRU\VWUHVV$FWD25/,WDO
7DEXFKL . +RFLQR 7 0XUDVKLWD + ,QYROYHPHQW RI
SRO\$'3ULERVH V\QWKHWDVD LQ DFRXVWLF WUDXPD RI WKH FRFOHD
7RKRNX-([S0HG
)UDQFLV +: 5LYDV $ /HKDU 0 5\XJR '. 7ZR W\SHV RI
DIIHUHQWWHUPLQDOVLQQHUYDWHFRFKOHDULQQHUKDLUFHOOVLQ&%/
-PLFH%UDLQ5HV
<DPDVKLWD ' 0LOODU -0 -LDQJ +< 0LQDPL 6% 6FKDFKW
- $,) DQG (QGR* LQ QRLVHLQGXFHG KHDULQJ ORVV 1HXURUHSRUW
+R\D 1 2NDPRWR < .DPL\D . )XMLL 0 0DWVXQDJD 7 $
QRYHODQLPDOPRGHORRIDFXWHFRFKOHDUPLWRFKRQGULDOG\VIXQF
WLRQ1HXURUHSRUW
'XDQ04LX-/DXUHOO*2ORIVVRQ$&RXQWHU6$%RUJ
('RVHDQGWLPHGHSHQGHQWSURWHFWLRQRIWKHDQWLR[LGDQW1/
DFHW\OF\VWHLQH DJDLQVW LPSXOVH QRLGH WUDXPD +HDU 5HV &KHQ=8OIHQGDKO05XDQ57DQ/'XDQ03URWHFWLRQ
RIDXGLWRU\IXQFWLRQDJDLQVWQRLVHWUDXPDZLWKORFDOFDURYHULQH
DGPLQLVWUDWLRQLQJXLQHDSLJV+HDU5HV
+DXVOHU 5 7KH HIIHFWV RI DFRXVWLF RYHUVWLPXODWLRQ 7KHU
/HN
+DUJHU05%DUERVD%UDQFR$(IIHFWVRQKHDULQJGXHWR
WKH RFFXSDWLRQDO QRLVH H[SRVXUH RI PDUEOH LQGXVWU\ ZRUNHUV
LQ WKH )HGHUDO 'LVWULFW %UD]LO 5HY $VVRF 0HG %UDV 0RUHLUD 55 )HUUHLUD 0 6SHHFK WHVW DSSOLFDWLRQ LQ LQGL
YLGXDOV ZLWK QRLVH LQGXFHG KHDULQJ ORVV 3UR )RQR 5HLG $ 'LFN ) 6HPSOH 6 'RJ QRLVH DV D ULVN IDFWRU IRU
KHDULQJ ORVV DPRQJ SROLFH GRJ KDQGOHUV 2FFXS 0HG /RQG
5DSLVDUGD 9 9DOHQWLQR 0 %RORJQLQL 6 )HQJD & 1RLVH
UHODWHGRFFXSDWLRQDOULVNDERDUGILVKLQJYHVVHOVFRQVLGHUDWLRQV
RQ SUHYHQWLRQ DQG WKH SURWHFWLRQ RI H[SRVHG ZRUNHUV * ,WDO
0HG/DY(UJRQ
6HLGPDQ0%DEX67DQJ:1DHP(4XLUN:6(IIHFWV
RI UHVYHUDWURO RQ DFRXVWLF WUDXPD 2WRODU\QJ +HDG 1HFN 6XUJ
6HL[DV 16 .XMDZD 6* 1RUWRQ 6 3UHGLFWRUV RI KHDULQJ
WKUHVKROG OHYHOV DQG GLVWRUVLRQ SURGXFW RWRDFRXVWLF HPLVVLRQV
DPRQJQRLVHH[SRVHG\RXQJDGXOWV2FFXS(QYLURQ0HG
6HZHOO5.%DXPDQ106PLWK5-%ODQN3+HDULQJORVV
LQ 8QLRQ $UP\ YHWHUDQV IURP WR /DU\QJRVFRSH
6XJDKDUD . 6KLPRJRUL + 2NXGD 7 7DNHPRWR 7 +DVKL
PRWR0<DPDVKLWD+&RFKOHDUDGPLQLVWUDWLRQRIDGHQRVLQHWUL
SKRVSKDWHIDFLOLWDWHVUHFRYHU\IURQDFRXVWLFWUDXPDWHPSRUDU\
WKUHVKROGVKLIW+HDU5HV
7DNHPXUD..RPHGD0<DJL0'LUHFWLQQHUHDULQIXVLR
QRIGH[DPHWKDVRQDDWWHQXDWHVQRLVHLQGXFHGWUDXPDLQJXLQHD
SLJ+HDU5HV
7DNHPRWR76XJDKDUD.2NXGD77KHFOLQLFDOIUHHUDGLFDO
VFDYHQJHUHGDYDURQHSURWHFWVFRFKOHDUKDLUFHOOVIURPDFRXV
WLFWUDXPD(XU-3KDUPDFRO
=KXUDYVNLL 6* $OHNVDQGURYD /$ ,YDQRY 6$ 3URWHFWLYH
HIIHFWV RI FDUQRVLQH RQ H[FLWDEOH VWUXFWXUHV RI WKH DXGLWRU\
DSSDUDWXV LQ DOELQR UDWV ZLWK DFXWH DFRXVWLF WUDXPD %XOO ([S
%LRO0HG
=KDL 64 :DQJ '- :DQJ -/ %DVLF ILEUREODVW JURZWK
IDFWRUSURWHFWVDXGLWRU\QHXURQVDQGKDLUFHOOVIURPJOXWDPDWH
QHXURWR[LFLW\DQGQRLVHH[SRVXUH$FWD2WRODU\QJRO
=LDYUD1.DVWDQLRXGDNLV,7ULNDOLQRV7$6NHYDV$,RDQ
QLGLV -3 'LDJQRVLV RI VHQVRULQHXUDO KHDULQJ ORVV ZLWK QHXUDO
QHWZRUNV YHUVXV ORJLVWLF UHJUHVLyQ PRGHOLQJ RI GLVWRUWLRQ SUR
GXFWRWRDFRXVWLFHPLVLRQV$XGLRO1HXURRWROD
Descargar